Texas Housing Market, Home Market Texas
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Consistently providing affordable homes, the Texas Housing Market may have slowed-down significantly in the first Quarter of 2007 effected by a rise in the short-term interest rates. However the Texas Housing Market is under no threat assisted by the growing population of Texas, to add to a sharp rise of oil prices in 2005 (Texas is home to numerous oil drilling & processing companies).
Texas located on the border of US adjacent to Mexico, is second in terms of both population (after California) and area (following Alaska). Around half of this huge population lives in the two metropolitan cities of Houston and Dallas. Texas (as of 2006) houses the maximum number of Fortune-500 companies overtaking California, and is acknowledged for its energy and aeronautics industries. The Texan culture is diverse, its a unique mixture of Mexican as well as western traditions and attracts a lot of tourists.
The Texas Housing Market is the least likely to suffer in the whole of US, given:
- a comparably low cost of housing
- no personal income tax
- low taxation and limited regulation to encourage business growth
- availability of jobs
- ample supplies of oil & natural gas (immense petroleum deposits)
- many regions enjoy a favorable climate
The Texas Housing Market is mainly spread over two major business centers, Houston and Dallas. Strengthened by a rate of growth of Personal income which is higher than the national average, the Texas Housing Market however has undergone a slow increase in the prices of housing stock in comparison with other states.
The Texas Housing Market is most unlikely to suffer any sort of housing stock shortage, for the low interest rates and easy home loan financing that are available, have resulted in extensive constructions all over the state of Texas.
It is anticipated that prices of houses will not go up excessively thereby helping in retaining the status of the Texas Housing Market as a favorite haunt of prospective buyers.
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